1) The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $359,000 cash. Purchased $178,000 of equipment by making a $59,000 cash down payment and signing a note payable for the balance. Made a $34,500 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $17,000. The equipment was sold at cost, so there is no gain or loss on the sale. What is the balance in the Note Payable account at the end of March?

Multiple Choice

• $153,500

• $119,000

• $84,500

• $34,500

2)At December 31, Year 1, the accounting records of Braun Corporation contain the following items:

Accounts Payable	$ 15,000	Accounts Receivable	$ 38,000
Land	$ 238,000	Cash	?
Capital Stock	?	Equipment	$ 118,000
Building	$ 178,000	Notes Payable	$ 188,000
Retained Earnings	$ 158,000

If Cash at December 31, Year 1, is $64,000, total assets amounts to:

Multiple Choice

• $636,000.

• $598,000.

• $651,000.

• $794,000.

3) At December 31, Year 1, the accounting records of Braun Corporation contain the following items:

Accounts Payable	$ 15,000	Accounts Receivable	$ 38,000
Land	$ 238,000	Cash	?
Capital Stock	?	Equipment	$ 118,000
Building	$ 178,000	Notes Payable	$ 188,000
Retained Earnings	$ 158,000

If Capital Stock is $318,000, total assets of Braun Corporation at December 31, Year 1, amounts to:

Multiple Choice

• $917,000.

• $103,000.

• $679,000.

• $717,000.

4) Montauk Oil Company reports these account balances at December 31, Year 1:

Accounts Payable	$ 114,000
Land	204,000
Notes Payable	264,000
Equipment	164,000
Cash	84,000
Accounts Receivable	104,000
Buildings	244,000
Capital Stock	344,000
Retained Earnings	74,000

On January 2, Year 2, Montauk Oil collected $54,000 of its accounts receivable and paid $24,000 of its accounts payable. On January 3, Year 2, total liabilities are:

Multiple Choice

• $74,000.

• $354,000.

• $378,000.

• $304,000.